Fergus (‘The Bunnet’) acquired a 51% controlling stake in the Celtic Football and Athletic Company Ltd in 1994, after it became clear that the club was facing bankruptcy.
Acting as a guarantor for the club’s £7 million debt, he injected additional finance, floated the club on the London Stock Exchange as a public limited company, Celtic plc, in order to raise capital from a share issue, and oversaw an extensive redevelopment of Celtic Park.
In 1999, McCann sold his shares, leaving Irish entrepreneur Dermot Desmond as the largest shareholder, with a 19.8% holding. He also offered an interest-free payment plan to encourage individuals, rather than financial institutions, to purchase shares. This enabled the club’s supporters to own 63% of the stock at the time of McCann’s departure.
